Updated November 2026
Is Mode legit? What its SEC filings say about the company data offer
Mode files reports with the SEC: Mode Mobile, Inc., a Delaware corporation organized in 2015 and led by CEO Dan Novaes, reported unaudited net revenues of $26,495,467 for the first half of 2026, with $24,502,099 of that from advertising and software subscriptions. Its company data program launched on October 13, 2026 and names no seller or completed deal, so the company can be checked, but the $100K-$5M it says your data could be worth cannot.1,2,3,4,5
Mode's latest SEC report says it relies on investor and debt financing and does not mention buying company records.6,7
Mode's site names no seller or completed deal, and its one worked example is labeled fictional.4
Key facts
Mode in its own words and others'
| Fact | Value and source |
|---|---|
| Mode in SEC filings | Mode Mobile, Inc., a Delaware corporation organized on April 23, 2015 and previously known as Nativ Mobile, of Chicago, Illinois; its reports are signed by Dan Novaes as CEO |
| Mode: first half of 2026, as reported to the SEC | Six months to June 30, 2026, unaudited: net revenues of $26,495,467, up from $9,168,267 a year earlier; a net loss of $3,799,464; cash on hand of $15,503,444 |
| Mode: financing, as reported to the SEC | Says it remains reliant on investor and debt financing and has issued short-term notes to individual investors at 12% to 18% a year; says recurring losses and a $5,118,471 note installment due December 1, 2026 raised substantial doubt about continuing as a going concern, and that management concluded its plans have alleviated that doubt |
| Who Mode is | Mode.Inc, a consumer app company led by co-founder and CEO Dan Novaes, whose apps pay users for activity; it launched the company data program as BizBuyData.com on 2026-10-13 |
| Mode payout claim | "Your company's data could be worth $100K-$5M"; its calculator is indicative only, subject to a full review |
On the record
What Mode has told the SEC
Mode Mobile, Inc. reported a net loss of $3,799,464 and cash of $15,503,444 for the six months to June 30, 2026, on net revenues up from $9,168,267 a year earlier, all unaudited. The filing dates the corporation to April 23, 2015, under an earlier name, while Business Insider reported Mode was founded in 2019 and raised over $80 million through crowdfunding. mode.inc itself was registered only on April 16, 2026, so the domain says little about the company's age.2,1,8,9
Why owners ask
Mode buys your data itself, so its finances matter
Mode says it buys the copy directly, so in our view its ability to pay is the first thing to look at. The same report says it remains reliant on investor and debt financing and has issued short-term notes to individual investors at 12% to 18% a year. It says recurring losses and a $5,118,471 note installment due December 1, 2026 raised substantial doubt about continuing as a going concern, and that management concluded its plans have alleviated that doubt. Those plans include its Regulation A share offering, which a later note says it paused on August 20, 2026 to update the terms, and a larger institutional financing it was still pursuing.10,6,11
The report covers the six months to June 30 and was signed four days before the launch, and it does not mention licensing or buying company records. Mode's launch release calls this a $5 billion initiative in its headline, but its body does not say what the $5 billion is or who funds it, and Mode's sites give its capital raised as $100M on one page and $120M+ on another.7,12,3
Five minutes
Four checks on Mode you can run yourself
Search Mode Mobile on EDGAR, the SEC's free filing database, and open the Form 1-SA filed on October 9, 2026. The cash, debt and going-concern notes are all there in Mode's own words.2,6
Type bizbuydata.com into your browser if that is the name on your ad. It forwards to data.mode.inc, which ties the brand to Mode. Mode pays people who refer companies, so the person contacting you may not work for it, and you can ask whether they earn a referral fee.13,3,14
Read the worked example on data.mode.inc closely. It is labeled "Fictional example", and the site names no real seller or completed deal.4
Look for the rules. The data.mode.inc homepage shows no terms or privacy link, and its footer reads only "2026 Mode" with no full company name, so the written agreement is the first place you will see who is buying.4
What to ask
Questions that settle whether Mode can do what it says
Ask which Mode company signs and pays you, and whether payment comes in one sum or on a schedule. Ask what is funding these purchases, and what the $5 billion in the release means. Ask how many companies Mode has paid so far. Then pin down timing, because its release says payment is expected within about 60 days of accepting an offer and its FAQ says about three months from first conversation.12,15,16,10
Mode's floor is low for small professional firms: law firms from six employees and accounting firms from 10, against 30 or more employees for most others. Its referral page asks for more, at 10 for legal, 15 for accounting, medical and finance and 50 for others, so confirm the floor. If you fit, our match checks your firm against Mode and the other buyers we work with, so you can set its offer against another buyer's.17,18
Check first
How to check Mode, or any buyer
The same checks for every company we profile. We state facts; you decide.
- 1.Find the company behind the ad: a legal name, a registered address and named people.
- 2.Ask for a written offer and a sample agreement before you send any data.
- 3.Ask who removes personal data, by what method, and approve it before anything is exported.
- 4.Ask which AI labs will receive the data, and whether you will be told.
- 5.Ask how they are paid: by you, by the buyer, or from a share of your deal.
- 6.Get terms from at least one other buyer before you answer.
Reader reviews
What people who worked with Mode say
7.3/10
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FAQ
Questions, answered with sources
Mode's site names no seller or completed deal, and the one example it gives is labeled fictional. Ask how many companies it has paid so far.4
Every business is different, so this one is best talked through with the buyer you're working with. Their team goes over it with you before anything is signed.
Before you sign
Questions to talk through with your buyer
Every business is different, so these are best talked through with the buyer you're working with. Their team goes over them with you before anything is signed.
Questions for this kind of business
- Which Mode company signs our agreement and owes us payment?
- Do customer, supplier or platform contracts, NDAs or API terms restrict this?
- Could the data include privileged material or trade secrets?
- Do professional rules apply (AICPA, IRC 7216, HIPAA, ABA Model Rule 1.17, insurance agency contracts, adviser rules, state boards)?
Questions for any buyer
- Is the license exclusive, and for how long?
- Can you sublicense the data, and to whom?
- Which AI labs will receive it, and will you tell us?
- How long do you keep it, and how is it deleted?
- What is your liability cap, and who indemnifies whom?
- Will the contract ban re-identification of people in the data?
- Who removes personal data, by what method, and do we approve it first?